FIFA working with UBS to raise up to $2 billion, Bloomberg News reports

:Soccer governing body FIFA is seeking to raise up to $2 billion to expand its streaming service and a formal process is expected to kick off next month, Bloomberg News reported on Thursday.

The international body is working with UBS Group AG for the fund-raise that is expected to target financial investors in the United States and Middle East, the report said, citing people with knowledge of the matter.

The investment would be for a minority stake in FIFA+, according to the report. FIFA+ was launched in 2022 as a free ad-supported service to live stream soccer matches.

FIFA and UBS declined to respond to Reuters requests for comments.